Data Patterns shares list at nearly 48% premium

The company commanded a market valuation of ₹4,190.37 crore in early trade.

Shares of Data Patterns (India) Ltd, which supplies electronic systems to defence and aerospace sector, on Friday listed with nearly 48% gains against the issue price of ₹585.

The stock listed at 864, reflecting a premium of 47.69% from the issue price on BSE.

Shares of the company listed at ₹856.05, a jump of 46.33% on NSE.

The company commanded a market valuation of ₹4,190.37 crore in early trade.

The initial public offer of Data Patterns (India) Limited closed with 119.62 times subscription last week.

The initial public offer had a fresh issue component of up to ₹240 crore an offer for sale of up to 59,52,550 equity shares.

The price range for the offer was ₹555-585 per share.

Data Patterns is backed by former Blackstone head Matthew Cyriac via Florintree Capital Partners LLP, which holds a 12.8% stake in the company.

Founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, Data Patterns is a vertically integrated defence and aerospace electronics solutions provider.

Its core competencies include design and development across electronic hardware, software, firmware, mechanical, product prototype besides its testing, validation, and verification.

Its involvement has been found across radars, underwater electronics/ communication, electronic warfare suites, avionics, small satellites, automated test equipment, and programmes catering to Tejas light combat aircraft, light utility helicopter, BrahMos, and other communication and electronic intelligence systems.

It had developed the first nanosatellite "NiUSAT", which thereafter was deployed in 2017. In addition, two more satellites are under progress, the draft papers noted.

Data Patterns works closely with the defence PSUs such as Hindustan Aeronautics Ltd and Bharat Electronics Ltd as well as government organisations involved in defence and space research like DRDO.

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